While society DLM has just completed its subscription period here that a second Moroccan society uses to market the Casablanca stock exchange to finance its expansion and development of its various subsidiaries.
The company in question is none other than the holding company Delta Holding, a company with 20 subsidiaries operating in the infrastructure sector, metallurgy, Environmental improvements, and finally para-services and real estate.
The operation will be carried out via open-price offer (OPO) for a price ranging between 870 dirhams and 920 dirhams, which will be set following the confrontation between supply and demand on the title.
In terms of the offer, it will consist of both a sale of 640,000 shares representing 16% of the final capital of the company and by an emission of 380 000 shares representing 9.5% of the final capital, totaling 1.02 million shares for a total of between 887.4 million and 938.4 million dhs dhs to purchase between April 24 and May 2
This operation considerably larger than that of DLM that opened the show introductions 2008 will be accompanied by a syndicate of investment significantly expanded since together the major private banks in the kingdom with Attijariwafa bank, BMCE, Societe Generale Marocaine Banking and Credit in Morocco which will add broker Dar Tawfir, Eurobourse Art Exchange and Safabourse.
The initial listing of securities is scheduled for 15 May
At the valuation of the company we find the two traditional methods of valuation most commonly used namely the DCF and comparable stock.
The first is based on a representative sample of 3 holding company already listed on the site to learn Moroccan ONA and SNI Zellidja which was declared admissible on PER (price earning ratio) Estimated Result 2008, is a multiple of 25.1 which applied for the benefit of DELTA HOLDING 2008 gives a valuation of capital is 4.6 billion dhs 1152 dhs per share.
The second method of DCF (discounted cash flow) is based on a discount rate of 10% and a perpetual growth of 3% which gives a value of 4.253 billion dirhams.
To this sum must be reduced to minority interests (355 million dirhams) and reflect a gain from the sale of 20 million dirhams from the sale of a terain doù in 2009 a recovery in 3914 Billion Dirhams.
So in the end, taking into account the 2 methods of FP recovery spring between 3.48 billion dirhams and 3.68 billion dirhams is between 870 and 920 dirhams per share respectively, representing a discount of 11% or 6%.
The detailed distribution of supply is divided as follows:
Type 1: reserved for employees, 51,000 shares offered or 1.2% of the capital after the increase.
Type 2: for natural persons (PP) and legal (PM) expressing orders below 250 000 dhs, 153,000 shares offered is 3.5% after the capital increase.
Type 3: for natural persons (PP) and legal (PM) expressing orders exceeding 250 000 dhs and less than 10 million dirhams, 153,000 shares offered is 3.5% after the capital increase.
Type 4: reserved for mutual funds, banks, institutional and CDG expressing orders less than 10% of the total (102,000 shares) or 5% for diversified mutual funds, 510 000 shares offered or 3.5% of the capital after the increase.
Type 5: Reserved for SA of Moroccan law and limited liability companies under foreign law whose principal activity is investment in securities with at least one year of expressing orders less than 50 million dirhams, 153 000 offered shares or 3.5% of the capital after the increase.
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